Galaxy Satellite Co. is attempting to select the best group of independent projects competing for the firm's fixed capital budget of $10,000,000. Any unused portion of this budget will earn less than its 20 percent cost of capital. A summary of key data about the proposed projects follows. Project/ Initial Investment/IRR/ PV of inflows at 20% a/ $3,000,000/ 21%/$3,050,000 b/$9,000,000/25%/$9,320,000 c/$1,000,000/24%/$1,060,000 d/$7,000,000/23%/$7,350,000 1. Use the NPV approach to select the best group of projects, and 2. Use the IRR approach to select the best group of projects